Yahoo Finance Chanel, Hermès and LVMH Join Watches and Wonders Geneva Foundation
PARIS — Chanel, Hermès and LVMH Moët Hennessy Louis Vuitton are joining the board of the Watches and Wonders Foundation Geneva as the luxury watchmaking industry, which has been relatively resilient to the global luxury slowdown, seeks to move forward with a cohesive voice.
“This integration and openness mark an important step in the foundation’s desire to support the watchmaking industry as a whole, with all the stakeholders,” the organization stated. “The integration of these new members will undoubtedly allow WWGF to make watchmaking shine even more intensely around the world.”
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All three companies have historically exhibited at the Swiss event since it launched in 2022, but their joining the organization, founded in 2022 after the success of Watches and Wonders Geneva’s inaugural event, signals a growing appetite for collaboration on the part of the world’s makers of high-end timepieces.
It also comes at a time when LVMH is beefing up its watchmaking activity. In January, Frédéric Arnault assumed the newly created transversal role of chief executive officer of LVMH Watches, in charge of Hublot, Tag Heuer and Zenith.
The not-for-profit Watches and Wonders Foundation was created in September 2022 by Rolex, Compagnie Financière Richemont and Patek Philippe with the mission of organizing watchmaking shows in Geneva and elsewhere around the world. Among its initiatives since then have been opening the event to the public over two days as watchmakers seek to court the growing direct-to-consumer business, and launching a second event in Shanghai.
Watches and Wonders Geneva has become the dominant moment on the calendar for the luxury watchmaking category for unveiling products since the pandemic, turning Geneva into a hub for the industry for a week of events both within the show space and throughout the city.
On Tuesday, the organization also revealed a reshuffle of its executive board, which works on a rotational basis. Effective July 1, Cyrille Vigneron, president and CEO of Cartier, will take over the role of chairman of the foundation from Rolex CEO Jean-Frédéric Dufour, who held the role for two years. Vigneron also becomes treasurer of the organization.
Watches and Wonders Geneva’s last edition in April gathered a record 54 exhibiting brands and 49,000 visitors. The fair is slated to hold a Shanghai edition at the city’s West Bund Art Center from Aug. 28 to Sept. 1, while the next Geneva event will take place April 1 to 7.
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